How to Use Homejourney Bank Rate Comparison: Your Fast Track to the Best Home Loan Rates
Homejourney's bank rate comparison tool lets you compare home loan rates from Singapore's major banks—DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, and more—all in one place, then submit a fast mortgage application to multiple lenders simultaneously with just one click. Instead of visiting each bank's website individually or calling loan officers separately, you can see real-time rates, calculate your eligibility instantly, and receive competing offers from all major banks through Homejourney's secure, verified platform.
For first-time home buyers and property investors, this streamlined approach saves hours of research and significantly increases your chances of securing the best loan package. Here's how to use Homejourney's bank rate comparison feature to make your home loan journey faster, simpler, and more transparent.
Why Bank Rate Comparison Matters for Singapore Home Buyers
Home loan rates in Singapore vary significantly across banks, and even small differences in interest rates compound into substantial savings over a 25 or 30-year mortgage tenure. A 0.2% difference in your SORA-based rate could save you thousands of dollars annually on a $500,000 loan.
However, comparing rates manually is time-consuming and inefficient. Most Singapore home buyers must navigate multiple bank websites, contact different loan officers, and manage separate applications—a process that can take weeks. Homejourney eliminates this friction by centralizing all major bank offerings on one platform, allowing you to compare rates, fees, tenure options, and eligibility criteria instantly.
Homejourney's commitment to user safety and trustworthiness means all bank partners are verified, rates are updated in real-time, and your personal financial information is protected through Singpass integration. This transparency builds confidence that you're comparing legitimate offers and making decisions based on accurate, current data.
Step 1: Access the Homejourney Bank Rates Comparison Tool
Start by visiting Homejourney's bank rates page Bank Rates . The interface is designed for clarity—you'll immediately see a side-by-side comparison of home loan products from all major Singapore banks.
The comparison displays key information for each bank's offerings:
- Current interest rates (SORA-based and fixed-rate options)
- Monthly payment estimates based on loan amount and tenure
- Lock-in periods and early repayment penalties
- Processing fees and other charges
- Tenure options (typically 15 to 30 years)
Unlike competitor platforms, Homejourney's rates are verified directly from bank partners and updated daily, ensuring you're always seeing current market conditions. This real-time accuracy is essential because SORA-based rates fluctuate, and even a one-day delay can mean missing better offers.
Step 2: Calculate Your Borrowing Power with the Mortgage Eligibility Calculator
Before comparing specific loan products, use Homejourney's built-in mortgage eligibility calculator to understand your maximum borrowing capacity. This critical step prevents you from wasting time viewing properties or comparing loans outside your financial reach.
The calculator factors in Singapore's strict Total Debt Servicing Ratio (TDSR) limit of 60%, which caps your monthly loan repayments at 60% of your gross monthly income. You'll input:
- Your monthly gross income
- Existing monthly debt obligations (car loans, credit cards, personal loans)
- Your CPF savings available for down payment
- Desired loan tenure
The calculator instantly shows your maximum borrowing amount, estimated monthly payments, and recommended property price range. This transparency helps you focus your property search on homes you can genuinely afford, accelerating your entire home-buying journey.
Homejourney's calculator is more accurate than generic online tools because it incorporates Singapore-specific regulations and bank lending criteria. You can then move directly from this eligibility assessment to comparing actual loan products that match your borrowing capacity.
Step 3: Compare Rates Across All Major Banks
Once you understand your borrowing power, use the comparison table to evaluate rates from DBS Bank, OCBC Bank, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB Bank, Public Bank, Hong Leong Bank, and Citibank—all displayed side-by-side.
Key metrics to compare:
- SORA-based rates: Most competitive rates are SORA + spread. Compare the spread (typically 1.2% to 1.8%) rather than absolute rates, as SORA itself fluctuates daily. A lower spread means better long-term value.
- Fixed-rate options: If you prefer payment certainty, compare fixed-rate products. These typically offer rates 0.3% to 0.8% higher than SORA-based rates but eliminate interest rate risk.
- Lock-in periods: Shorter lock-in periods (2-3 years) offer more flexibility for refinancing, while longer periods (5+ years) may offer slightly lower rates.
- Processing fees: Fees range from $0 to $3,000 across banks. Some banks waive fees for high loan amounts or existing customers.
- Early repayment penalties: Understand penalties if you refinance or repay early. Some banks charge 1% of outstanding loan amount; others have tiered penalties.
The chart below shows recent SORA trends to help you understand how rates have moved:
As you can see from the chart above, SORA rates have fluctuated based on monetary policy. When comparing SORA-based products, consider the spread as your true competitive rate, since SORA itself moves with market conditions.
Step 4: Use Singpass Integration for Instant Application Auto-Fill
Homejourney's integration with Singpass and MyInfo represents a game-changer for application speed and accuracy. Rather than manually entering employment details, income information, and CPF balances into each bank's separate application, you authenticate once via Singpass and your data auto-populates instantly.
This Singpass-verified approach offers three critical advantages:
- Speed: Application completion time drops from 20-30 minutes to under 5 minutes. Your employment status, income, and CPF balance auto-fill with verified government data.
- Accuracy: Auto-filled data eliminates manual entry errors that could trigger additional verification requests or delay processing.
- Security: Singpass authentication ensures only you can submit applications using your verified identity. Homejourney never stores your password or sensitive credentials.
After authenticating via Singpass, you'll review pre-filled information and confirm accuracy. You can then proceed to submit applications to multiple banks simultaneously—a feature that transforms the entire lending landscape by letting banks compete for your business.
Step 5: Submit One Application to Multiple Banks Instantly
This is where Homejourney's one-click loan application feature delivers exceptional value. Rather than submitting separate applications to each bank over several days or weeks, you submit a single application that goes to all your selected banks simultaneously.
Here's why this matters: When you apply to multiple banks at once, they compete for your business. Banks respond with competing offers within 2-3 business days, and you can compare actual loan packages side-by-side rather than guessing which bank offers the best terms.
To submit your multi-bank application:
- Select the banks you want to apply to (you can choose all or specific lenders)
- Confirm your loan amount, tenure preference, and property details
- Review your Singpass-verified information
- Submit your application with one click
- Receive confirmation that your application has been submitted to all selected banks
Homejourney's platform then tracks your applications in real-time. You'll see status updates as banks review your application, request additional documents (if needed), and issue preliminary loan offers. This transparency eliminates the frustration of wondering where your application stands with each lender.
Step 6: Track and Compare Competing Loan Offers
As banks respond to your applications, Homejourney's dashboard displays all offers in a standardized comparison format. You'll see:
- Approved loan amount from each bank
- Interest rate (SORA spread or fixed rate)
- Monthly payment amount
- Tenure options offered
- Processing fees and other charges
- Lock-in period and early repayment terms
This side-by-side comparison eliminates the need to contact each bank individually or juggle multiple email threads. You can instantly see which bank offers the lowest monthly payment, the most flexible terms, or the best overall package for your situation.
Homejourney's commitment to user safety means all offers are verified and legitimate. You're not comparing offers from unverified lenders or outdated rate information—every offer comes directly from your selected banks through the platform.
Understanding SORA vs. Fixed Rates in Homejourney's Comparison
When comparing rates on Homejourney, you'll notice most competitive offers are SORA-based rather than fixed-rate. Understanding this distinction is crucial for making the right choice.
SORA-based rates (Singapore Overnight Rate Average) are variable rates tied to the overnight interbank lending rate. Your rate is typically SORA + a fixed spread (e.g., SORA + 1.4%). When SORA changes, your rate changes proportionally, so your monthly payment fluctuates. SORA-based rates are currently more competitive (typically 2.5-3.5% all-in) but carry interest rate risk.
Fixed-rate mortgages lock your interest rate for a specified period (typically 2-5 years), after which you revert to SORA or refinance. Fixed rates offer payment certainty and are ideal if you believe rates will rise, but they're typically 0.3-0.8% higher than comparable SORA rates.
On Homejourney's comparison tool, filter by rate type to see all available options. Most first-time buyers choose SORA-based rates for lower initial payments, while risk-averse borrowers prefer fixed rates for predictability.
Homejourney's Role in Ensuring Safe, Transparent Loan Comparisons
Homejourney prioritizes user safety and trustworthiness in every aspect of the bank rate comparison process. Here's how:
- Verified Bank Partners: Only established, licensed banks appear on Homejourney's platform. Every partner undergoes verification to ensure legitimacy and regulatory compliance.
- Real-Time Rate Updates: Rates are updated daily directly from bank systems, eliminating outdated or misleading information.
- Singpass Security: Your financial data is protected through government-verified Singpass authentication. Homejourney never stores passwords or sensitive credentials.
- Transparent Fees: All processing fees, charges, and penalties are clearly displayed. There are no hidden costs or surprise fees when you compare on Homejourney.
- Application Tracking: You can monitor your applications in real-time, seeing exactly where each bank stands in the approval process.
This commitment to transparency and security differentiates Homejourney from traditional bank websites or generic loan comparison sites. You're comparing verified offers from trusted lenders through a platform designed with your safety as the highest priority.
Next Steps: From Comparison to Property Search
Once you've identified your preferred loan offer, you can move forward with confidence. Use Homejourney's property search tool Property Search to find homes within your approved loan amount and budget. The search integrates seamlessly with your loan eligibility results, showing you properties that match both your dreams and your financial capacity.
After finding your ideal property, you can book viewings directly through Homejourney and connect with verified agents who can guide you through the purchase process. The platform's integrated timeline helps you track every milestone—from offer acceptance to final completion—ensuring you never miss critical payment deadlines or documentation requirements.
For additional guidance on the loan application process, explore Homejourney's comprehensive resources: One-Click Loan Application to All Major Banks One-Click Loan Application to All Major Banks: Homejourney Guide and How to Use Homejourney Mortgage Calculator: Step-by-Step Guide How to Use Homejourney Mortgage Calculator: Step-by-Step Guide .
Frequently Asked Questions About Homejourney Bank Rate Comparison
How often are Homejourney's bank rates updated?
Homejourney updates rates daily, typically in the morning. Since SORA-based rates are tied to the overnight interbank rate, daily updates ensure you're always seeing current market conditions. Some banks may update rates multiple times daily if market conditions shift significantly.
Can I apply to all banks at once, or do I need to select specific lenders?
You can apply to all banks simultaneously or select specific lenders based on your preferences. Applying to multiple banks increases your chances of receiving competitive offers. Most users apply to 4-6 major banks to ensure they see the full range of available rates and terms.
Does applying to multiple banks hurt my credit score?
Multiple applications within a short timeframe (typically 14-30 days) are treated as a single inquiry by credit bureaus and have minimal impact on your credit score. Homejourney's simultaneous submission approach means your applications are processed together, so there's no negative credit impact from shopping around.
What documents do I need to prepare for the loan application?
With Homejourney's Singpass integration, most documents auto-populate from government records. You'll typically need to provide recent payslips (last 3 months), tax returns or Notice of Assessment (if self-employed), and identification documents. Banks may request additional documents during the approval process, which you can upload directly through Homejourney's platform.
